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Apr 20, 2017
04/17
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big deficit question for him. that said, we have a legislative process to go through in tax reform. part of that we figured out. we would like to have permanent taxes. when corporate, they are making long-term capital decisions, people are deciding to move this to the united states and a factory and make big capital investments, they need some permanence of the tax code. so the more permanent we can make the tax code, the more extensive. >> roughly a big deficit in the tax code would potentially make it not permanent. that said if secretary mnuchin said, i'll say it, using dynamic scoring they allow us to get to me place, we would like a permanent solution but again, we have to do what we need to do to drive job creation and drive the economy and we're committed to driving the economy. >> you are talking about infrastructure backstage in the panel, discussing i know it's an important issue, i was making a joke about every time i go to new york, on amtrak, it's a harrowing experience. tell me about your plans for i
big deficit question for him. that said, we have a legislative process to go through in tax reform. part of that we figured out. we would like to have permanent taxes. when corporate, they are making long-term capital decisions, people are deciding to move this to the united states and a factory and make big capital investments, they need some permanence of the tax code. so the more permanent we can make the tax code, the more extensive. >> roughly a big deficit in the tax code would...
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Dec 5, 2012
12/12
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last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the two years around that. these are the central forecasts published by the opr with the asset purchase facility cash transfer included. when the transfer is excluded, as we show in the document, the deficit also falls from 7.9% last year to 7.7% this year, then 6.9% next year and falls in every single year after that. and cash borrowing falls in every year as well. now, there are those who have been saying that the deficit was going up this year. indeed, i think i heard it in prime minister's questions. but any way you present the
last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the...
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Jul 5, 2020
07/20
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with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for example, i think that congress should be looking for ways, real resources so that we can deliver that material will well-being to people. the easiest part of any agenda is finding the money. that is the easiest part. that challenge is how many of our nations real productive resources, how many of our workers, how many people, how much of our factories, many machines, much real resources do we want directed to producing public goods, health, infrastructure education, and those sorts of things and how much do we want to leave to the private secto
with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for...
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Apr 4, 2017
04/17
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deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade deficits go with less employment and less economic growth in the united states. the trade deficit figures in the midst of an economic boom, what does history tell us about relationship between trade deficits in economic growth, trade deficits and overall employment? >> i tweeted a picture of us growth, and the correlation is close to 0 and not significant and exactly for the reasons stated, in really good times, high high demand and import a lot, might be importing intermediates going to the production, and tr
deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade...
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Jul 11, 2020
07/20
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dick cheney's deficits matter, my argument throughout my work is that deficits matter but not in the way that we have been taught to believe that they matter. we have been taught earlier that they are inherently dangerous, undesirable, things you do in times of crisis because you have no choice like but that in more normal times deficits are things that we should be avoiding. they should strike balanced budgets and avoid increasing the debt, so i walk flu the book a variety of ways in which deficits matter and one matter way is every deficit is good for someone. that is the reality and so when you see the republicans passing the huge tax cuts at the end of 2017, these were massive tax cuts knowing they would massively increase deficits. if they knew they were dangerous and all the bad things were going to happen and future grandchildren, they wouldn't do that. the reality is that the republicans understand perfectly well that every deficit is good for someone, what they did was to massively cut taxes on corporations and the wealthiest people in this country, 83% of the benefits went
dick cheney's deficits matter, my argument throughout my work is that deficits matter but not in the way that we have been taught to believe that they matter. we have been taught earlier that they are inherently dangerous, undesirable, things you do in times of crisis because you have no choice like but that in more normal times deficits are things that we should be avoiding. they should strike balanced budgets and avoid increasing the debt, so i walk flu the book a variety of ways in which...
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Jul 15, 2020
07/20
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so i walk through a variety of ways that deficits matter. one more important way every deficits is good for someone. that is the reality. so when you see the republicans passing these huge tax cuts at the end of 2017, the republicans passed knowing they would increase deficits so if they really believe that deficits were inherently dangerous and they would recount back and future grandchildren, the reality is the republicans understand i think very well every deficits is good for something so what they did was massively cut the taxes and 83% of the benefits 1% of the income distribution and another is those who needed the help, but the deficit the government is running become financial surpluses in somebody else's pockets. they're deficits become our surplus. the question is who is ours, we as benefiting from that? the republicans are happy to run deficits because they know in creating a financial surplus they can direct into the hands of the people they are most interested in helping. what i would hope is democrats were reached the point th
so i walk through a variety of ways that deficits matter. one more important way every deficits is good for someone. that is the reality. so when you see the republicans passing these huge tax cuts at the end of 2017, the republicans passed knowing they would increase deficits so if they really believe that deficits were inherently dangerous and they would recount back and future grandchildren, the reality is the republicans understand i think very well every deficits is good for something so...
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0.0
Mar 7, 2023
03/23
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forthcoming paper that's coming out in the review of international economy about china's diffusion deficit and it's rare to get interest in the papers before they come out and also after they come out so i guess it is all downhill from hereer in terms of future papers but i'm excited and grateful to talk about it. i'm going to talk about for things. first is explaining what, i mean, by innovation versus b diffusionio capacity especially when it comes to why we even care c about the chinese capaci, the human capital, why we care about the technological capabilities and how we assess scientific and technological capabilities. then i'm going toes talk about y i think they are facing the diffusion deficitde which i defe as there is a wide gap between the ability to produce new technologies and its capacity to spready them across a lot of productive processes. figure i will talk about the rolele of education and that deficit with some examples from emerging technologies like ai and i will conclude some policy recommendations. >> i will begin by saying the discussions of the national capabilitie
forthcoming paper that's coming out in the review of international economy about china's diffusion deficit and it's rare to get interest in the papers before they come out and also after they come out so i guess it is all downhill from hereer in terms of future papers but i'm excited and grateful to talk about it. i'm going to talk about for things. first is explaining what, i mean, by innovation versus b diffusionio capacity especially when it comes to why we even care c about the chinese...
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Oct 9, 2016
10/16
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keep inflation low and deficit low. the mandate was to keep inflation low and they had a set of restrictions on the members of the eu at. if you did those two things, the market would take care of everything else, would guarantee success. we know, we should of known even then that those ideas were wrong as the crisis of all, it wasn't just greece which gets you a disproportionate amount of attention. it was a little proper get and what it did. spain and ireland had a surplus before the crisis. the crisis caused their deficit and their death. they actually had a very low ratio. the idea of keeping deficits low with debt would make sure you would have a well performing economy and you wouldn't have crisis was absolutely wrong. the remarkable thing is that years after the crisis, germany still doesn't understand this. so, they still think the mistake they made at the beginning, the flawed idea of what was required is what they ought to do. in a sense, they double down on a bad idea. they told all the countries, what you ha
keep inflation low and deficit low. the mandate was to keep inflation low and they had a set of restrictions on the members of the eu at. if you did those two things, the market would take care of everything else, would guarantee success. we know, we should of known even then that those ideas were wrong as the crisis of all, it wasn't just greece which gets you a disproportionate amount of attention. it was a little proper get and what it did. spain and ireland had a surplus before the crisis....
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Aug 1, 2011
08/11
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than the budget deficit. they are more concerned about the jobs deficit. 25 million people out of work. in a recent cbs news/"new york times" poll, 53% of the public polled named the jobs and economy as the most important problem, while only 7% named the deficit. so, mr. president, i oppose this misbegotten, misguided deal that they have conjured up in return for raising the debt ceiling. i don't oppose raising the debt ceiling. i want to make that clear. i believe we have an obligation, a constitutional obligation to pay our debts and to make good on our debts as we have done since the revolutionary war. what i am objecting to is the deal that was put together in order to permit us to perform our constitutional obligation. i oppose it for four reasons. reason number one is that this deal will destroy millions of jobs as i have said in both the public and private sector, and by shutting off federal funding and investment, a critical engine sustaining our sputtering economy, it could easily plunge america back
than the budget deficit. they are more concerned about the jobs deficit. 25 million people out of work. in a recent cbs news/"new york times" poll, 53% of the public polled named the jobs and economy as the most important problem, while only 7% named the deficit. so, mr. president, i oppose this misbegotten, misguided deal that they have conjured up in return for raising the debt ceiling. i don't oppose raising the debt ceiling. i want to make that clear. i believe we have an...
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Jul 20, 2020
07/20
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deficit is good for someone. when you see the republicans having these huge tax cuts at the end of 2017, these were massive tax cuts that republicans passed knowing they would massively increase deficits so if republicans believe that deficits were inherentlydangerous and they were going to wreak havoc and all these bad things were going to happen . they wouldn't do that. the reality is the republicans understand i think perfectly well that every deficit is good for someone so what they did was to massively cut taxes on corporations and the wealthiest people in this country, 83 percent of the benefits went to people in the top one percent of the income distribution and those who needed to help but the deficits the government ran and are running become financial surpluses in somebody else's pocket. there deficits become our surpluses. they are red ink is our black tank, the question is who's benefiting from that financial windfall. republicans are happy to run deficits because they know they create a financial sur
deficit is good for someone. when you see the republicans having these huge tax cuts at the end of 2017, these were massive tax cuts that republicans passed knowing they would massively increase deficits so if republicans believe that deficits were inherentlydangerous and they were going to wreak havoc and all these bad things were going to happen . they wouldn't do that. the reality is the republicans understand i think perfectly well that every deficit is good for someone so what they did was...
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Mar 6, 2017
03/17
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oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the government data as increased u.s. exports, a decreased trade deficit and an increase in u.s.. gdp growth. at the same time, if the u.s. uses its leverage as the world's largest market to persuade india to reduce its no to have yously high -- no record yously -- notoriously high tariffs and japan, we will sure hi sell more washington apples, florida origin toes, california wine and wisconsin cheese and harley davidson motorcycles. just as surely, we will see our trade deficit fall, our growth increase and real wage levels rise from seattle and orlando to
oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the...
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Nov 7, 2016
11/16
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>> guest: i think trade deficits are a problem and you can't make for $20 what you want for $2. it is a big mistake and i think on the fiscal policy we will blow the entitlements and cut the taxes. with a dead at 75% of the gdp i can't support that. >> host: i read your book and success. you view the world and he views economic outcome is largely based on luck. you say that success is largely earn a. >> guest: 99% of my success was behind me the day i was born. i studied math and went to business school and i was a student council president counci thought a lot about leadership, went on to consulting and learned a lot about business and i did take risks along the way. ultimately i lucked out and i told them i would work for free. if i get incredibly lucky, of course. it doesn't matter that the individual level. there's a pool of people trying to get lucky. you need a pool of people trying who aren't even trying but still get lucky. if you don't get the institution and the growth capabilities that ultimately drive the growth of the economy. what's happening at the individual leve
>> guest: i think trade deficits are a problem and you can't make for $20 what you want for $2. it is a big mistake and i think on the fiscal policy we will blow the entitlements and cut the taxes. with a dead at 75% of the gdp i can't support that. >> host: i read your book and success. you view the world and he views economic outcome is largely based on luck. you say that success is largely earn a. >> guest: 99% of my success was behind me the day i was born. i studied math...
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0.0
Mar 11, 2023
03/23
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if you agree with my assesent that china faces a diffusion deficit and china is not poised to overtake the u.s. as a scientific and technological superpower, the status quo becomes a more defensive policy. i think it is important to have these debates. i think this probably goes against some of the conventional wisdom or ideas that circulate around in the city. for me, i think we overstate china's scientific and technological capabilities. i have made that argument in respect. that point boards if the u.s. is well-positioned going back to dr. free birds questi, if the u.s. is positioned in th long-term in this great power competition, the status quo becomes a more defensible option. i think the third policy option is ting this lens of innovation versus diffusion and try inflating it to what we upsize in technology policy. if you look at any u.s. technology government policy and scroll down to the first bullet point of's policy recommentions, it is investment of all randy. is probably a goothing,ut not the only thi that matters wh it mes toechnological competitiveness. fo me, it is abou
if you agree with my assesent that china faces a diffusion deficit and china is not poised to overtake the u.s. as a scientific and technological superpower, the status quo becomes a more defensive policy. i think it is important to have these debates. i think this probably goes against some of the conventional wisdom or ideas that circulate around in the city. for me, i think we overstate china's scientific and technological capabilities. i have made that argument in respect. that point boards...
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Dec 10, 2019
12/19
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, speeding up next acting white house chief of staff, nick khomeini discusses impeachment trade and deficits. he spoke of the council meeting. >> were going to talk now with make about the white house expectations for this next year but there is a lot of news to cover as well. so please welcome nick. [applause] there is a bit of news [laughter] let's maybe start with the news. then we can get into the agenda for the white house. not just for this next 12 months, for a possible second term. so the congress is very busy drawing up articles of impeachment. they designed two of them, one of them has to do with ukraine and the president putting pressure i'm ukraine to investigate this political rival. president trump has said that he would like to see you and secretary pompeo testified in the senate. will you and partly. >> part of me really wants to. i remember join i testified, join i was running the cf bd to the house and the senate. the most fun i ever had join i was i'm the hill. will do whatever the president wants us to do what it comes down to. if you wants us to direct us to do things we
, speeding up next acting white house chief of staff, nick khomeini discusses impeachment trade and deficits. he spoke of the council meeting. >> were going to talk now with make about the white house expectations for this next year but there is a lot of news to cover as well. so please welcome nick. [applause] there is a bit of news [laughter] let's maybe start with the news. then we can get into the agenda for the white house. not just for this next 12 months, for a possible second...
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Jul 4, 2014
07/14
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i've got a deficit to let me run the deficit more so i get more money in and then pay off the deficit to pay off the debt. it's a second argument. you didn't hear it until the early '60s, and that's the point i make in the book. associated with the names of games, came to this end change that but keynes himself realizes the deficit spending was an exceptional thing. window was a slump he said you can spend more money, but he never dreamt of people running deficits year in year out. that only really came in the '60s when they adopted the thing. we need to run a deficit. it's a slightly crazy argument and you hear it now a lot from people on the left. but it's not a teensy an argument. keynes himself grew up in a victorian area. he was 31 when the first world war broke out so his whole childhood and his use was conditioned by this balanced budget framework. that he thought was the norm and he said look, in exceptional times you can borrow more money. he wasn't envisioning that all the time. the analogy i use, if you have kids, the victim and approach is if they had tv which is a big thi
i've got a deficit to let me run the deficit more so i get more money in and then pay off the deficit to pay off the debt. it's a second argument. you didn't hear it until the early '60s, and that's the point i make in the book. associated with the names of games, came to this end change that but keynes himself realizes the deficit spending was an exceptional thing. window was a slump he said you can spend more money, but he never dreamt of people running deficits year in year out. that only...
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May 18, 2015
05/15
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at that time government deficit spending leads to better economic outcomes. and we can see the difference between success and the united states has had coming out of the great recession compared to europe which tightened its belt out of this misguided idea that deficits were the first priority rather than go. the balanced budget would've led to the great depression. and revenues collapsed because that is what it means to be an economic free fall. and when they are usually 18 and a half precent they were down to 14 and a half precent gdp. and it leads to lower tax revenues and we chase it all the way down to the great depression and it was secretary paulson at the end of the bush administration and the obama administration and they understood this and they acted appropriately and they recognize that what would've been a great depression to decimate. >> another common phrase is to close the loopholes. what does it mean enact. >> i'm all in favor of it and what it means is that the tax code is filled with rules that are not germane to collect contacts in a fair
at that time government deficit spending leads to better economic outcomes. and we can see the difference between success and the united states has had coming out of the great recession compared to europe which tightened its belt out of this misguided idea that deficits were the first priority rather than go. the balanced budget would've led to the great depression. and revenues collapsed because that is what it means to be an economic free fall. and when they are usually 18 and a half precent...
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Feb 25, 2020
02/20
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without lower-level lab deficit. so reaching out to younger people that we have plenty of events where we engage with the young people so i was in south africa and kenya. and then to run in social media. so we are doing a lot. >> is that message getting across? >> it's a lot to think about it is not a black-and-white scenario we are living where debt is very high. so there are questions that are coming up. it's important for us to engage with them this is what you do when you are in doubt. >> turning to psalm audience questions. if bernie sanders when one - - wins looking at treasury secretary how uncomfortable are you with us policy? >> so to establish that to monetize fiscal spending as long as there is no inflation and the run on us debt. and it seems like this is a win-win. now to keep in mind with no inflation this is one of the central banks have a mandate for output and not about monetizing government spending. but of course the assumption that there would be no inflation and that's hard to maintain. so they d
without lower-level lab deficit. so reaching out to younger people that we have plenty of events where we engage with the young people so i was in south africa and kenya. and then to run in social media. so we are doing a lot. >> is that message getting across? >> it's a lot to think about it is not a black-and-white scenario we are living where debt is very high. so there are questions that are coming up. it's important for us to engage with them this is what you do when you are in...
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Aug 20, 2014
08/14
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eye 20
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there was a deficit, a trade deficit. and people like the french and the birds were coming to change dollars into gold. richard nixon decided to stop that. interestingly enough. very skeptical about that. an old school balanced budget conservative guy. he was very wary of decoupling the dollar from gold in that way. >> in 1914. >> that's right. the great thing about british public finance a hundred years before the first world war was essentially they learned a balanced budget. is difficult to imagine the victorian era, these guys with top paths. a very stable interest rates the fiscal policy. and what happened. this is one of the key moments of the book. of i just went to pieces. in order to defeat the kaiser, germany, the british parliament essentially had to vote through massive spending. he stands up and says, this is an extraordinary thing that we have gone. generally hundreds of millions. hope that they brought a huge amount. the national debt went up ten times, more than ten times from about 700 million sterling. a
there was a deficit, a trade deficit. and people like the french and the birds were coming to change dollars into gold. richard nixon decided to stop that. interestingly enough. very skeptical about that. an old school balanced budget conservative guy. he was very wary of decoupling the dollar from gold in that way. >> in 1914. >> that's right. the great thing about british public finance a hundred years before the first world war was essentially they learned a balanced budget. is...
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Nov 25, 2016
11/16
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would you have a different view of the trade deficit? >> guest: potentially, yes. it's not just buying public equities. they really have to roll up their sleeves -- >> host: well, that supports the venture guys who are eventually going to go public. >> guest: i agree. although there's a big equity premium between the risk-free rate today and stock market rate even though the pe ratios are high. the margins are at recession levels, one over the pe ratio minus the taxable rate of getting to recess levels, and the liquidity premiums are high as well. liquidity meaning if i put it in the stock market, i could get it out tomorrow. if i actually build a factory, i won't get it back for 50 years. you have to get people to both take the equity and thely quiddity risks. -- liquidity risks. it would be a lot better than the t-bills because then our risk-averse savers when you think about ricardo caballero, probably off on a taj gent here -- tangent here, we would have safe assets for the people and these people put in the bank. it's unused. i'm trying to sell, larry summers
would you have a different view of the trade deficit? >> guest: potentially, yes. it's not just buying public equities. they really have to roll up their sleeves -- >> host: well, that supports the venture guys who are eventually going to go public. >> guest: i agree. although there's a big equity premium between the risk-free rate today and stock market rate even though the pe ratios are high. the margins are at recession levels, one over the pe ratio minus the taxable rate...
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Nov 28, 2016
11/16
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spain and ireland had a surplus before that caused the deficits and debt so it would make sure and a remarkable thing is years after the germany still doesn't understand this they still think that mistake made at the beginning of double down on a bad idea so they told all the countries you have to make an even stronger. this takes us to a particular moment in history because if it would have been found after a most people wouldn't have had that idea because the east asia crisis had no deficits and it was the biggest crisis up until that point. it was caused by nist behaved markets and that is what happened in spain and elsewhere so it is interesting how it was found at a particular time that there was an influence and the consequences would have been. there's a couple othe of the res i was interested. one of his globalization into the form of integration. many other forms and the mistake was trade integration, financi financial. they thought it was sharing a common courtesy to the more general problem is a mismatch on the pace of with the pace of politics and we see that here in the
spain and ireland had a surplus before that caused the deficits and debt so it would make sure and a remarkable thing is years after the germany still doesn't understand this they still think that mistake made at the beginning of double down on a bad idea so they told all the countries you have to make an even stronger. this takes us to a particular moment in history because if it would have been found after a most people wouldn't have had that idea because the east asia crisis had no deficits...
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4.0
Jan 31, 2021
01/21
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which is our equivalent from the cbo just before covid struck with present expenditure the deficits will be ever larger and the same was entirely true and what has happened of course with the pandemic has led to a jump and this is the latest prediction and that upward exponential growth was there before the pandemic and has given a sharp upward rise to that. so i am afraid 2021 will produce another sharp upward rise in the debt and in the deficits that will be brought about. so what does this mean? and how we are going to do with the debt and it is very unlikely because growth is a combination of the increase of the working force interacting with the growth and the productivity and to be much slower and in recent decades of germany and china the workforce will now decline as it has been declining in japan for the last ten or 15 years. with the decline of globalization in the retreat, that systemic conflict between the us and china is the off shoring of production and capital into china and eastern europe that productivity will rise there is bound to be more pressure and shift produc
which is our equivalent from the cbo just before covid struck with present expenditure the deficits will be ever larger and the same was entirely true and what has happened of course with the pandemic has led to a jump and this is the latest prediction and that upward exponential growth was there before the pandemic and has given a sharp upward rise to that. so i am afraid 2021 will produce another sharp upward rise in the debt and in the deficits that will be brought about. so what does this...
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Oct 15, 2017
10/17
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bigger deficits in the long term. i think these are precisely the times when countries like the us should be running deficits. one of the reasons that, one of the things that you do in building a credibility year after year and decade after decade is that when you have times like this you can -- the problem has been that yes we have been running deficits in good times as well. i think it is ironic that lots of the people constantly are complaining about deficits in the short term are the same as that went for the tax cuts in spending increase. so it is a very difficult argument to make amends and understand life people worried about that. but i think the most important thing is, do what has to be done there in this time of extraordinary crisis. at the same time, try to put policies that will return the budget towards balance or medium-term sustainability. but you know, trying to do that by cutting back on spending this year or next year, i think will end up costing more in the longer run. >> may mention that in times
bigger deficits in the long term. i think these are precisely the times when countries like the us should be running deficits. one of the reasons that, one of the things that you do in building a credibility year after year and decade after decade is that when you have times like this you can -- the problem has been that yes we have been running deficits in good times as well. i think it is ironic that lots of the people constantly are complaining about deficits in the short term are the same...
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May 27, 2015
05/15
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at that time government deficit spending leads to better economic outcomes. we can see the difference between the success that the united states is at coming out of the great recession compared to europe which tighten its belt out of the misguided idea that deficits were the 1st priority rather than growth. so a. so a balanced-budget would've led to a great depression. is just that simple. spending would have collapsed because revenues collapsed. revenues collapsed because that is what it means to be in economic freefall. and when revenues are on 7/2% but we were down 14 1/2's. balanced-budget would've meant we half's. balanced-budget would've meant we were chasing her own tail cutting, cutting, cutting and in doing so reducing incomes and consumption leading the lower tax revenues intern and we chaser tail all the way down to a a great depression. and it was secretary paulson at the end of the bush administration the knew obama administration, they understood this. they acted appropriately. they recognized that deficit financing is what paul us out -- would
at that time government deficit spending leads to better economic outcomes. we can see the difference between the success that the united states is at coming out of the great recession compared to europe which tighten its belt out of the misguided idea that deficits were the 1st priority rather than growth. so a. so a balanced-budget would've led to a great depression. is just that simple. spending would have collapsed because revenues collapsed. revenues collapsed because that is what it means...
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Aug 25, 2011
08/11
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if, for example, the deficit reduction committee put off the deficit reduction into later in the decade rather than beginning in 2013 in a way that we assume for this report, then that would strengthen economic activity in 2013. if the committee made a particular changes to tax policy, we would try to model the economic effects. so when we announce the president's budget our week announced this last fall for different ways of extending the expiring tax provisions, we incorporated the effects a change in marginal tax rates on labor supply in savings. so, both the composition of the policy changes and the timing of the policy changes will be some imprint on her economic projection. which is to say we have to have some of the specifics that of changes in mind for us to do and economic analysis. >> this report suggests the supercommittee should go beyond its mandate and find a bigger outage or reduction of? >> it's not the role of the cbo to advise the congress on what policies they should undertake the budget picture as we have shown here in this report, and in a collection of reports, is
if, for example, the deficit reduction committee put off the deficit reduction into later in the decade rather than beginning in 2013 in a way that we assume for this report, then that would strengthen economic activity in 2013. if the committee made a particular changes to tax policy, we would try to model the economic effects. so when we announce the president's budget our week announced this last fall for different ways of extending the expiring tax provisions, we incorporated the effects a...
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Sep 1, 2014
09/14
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i got a deficit. let me run the deficit more so i can bring more money and to pay off the deficit and pay off the debt. you didn't really hear it until the early 60s. that's a point to make in the book. they talk about about keynes visiting canes that the keynes himself realized deficit spending was an exceptional thing. when there was a slump he said you can spend more money but he didn't envisage, he never dreamt of people running deficits year in and year out and it was in the 60s they were saying we won't deal with a deficit because we do have growth in order to deal with it. i mean it's a slightly crazy argument you hear it now from people like krugman but is not a keynesian argument. keynes himself grew up in the victorian era. he was 31 when the first world war broke out so his whole childhood and youth was conditioned by this balanced budget framework and that he thought was the norm. he said look an exceptional times you can borrow money and he wasn't envisaging that all the time. the narrati
i got a deficit. let me run the deficit more so i can bring more money and to pay off the deficit and pay off the debt. you didn't really hear it until the early 60s. that's a point to make in the book. they talk about about keynes visiting canes that the keynes himself realized deficit spending was an exceptional thing. when there was a slump he said you can spend more money but he didn't envisage, he never dreamt of people running deficits year in and year out and it was in the 60s they were...
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Nov 26, 2016
11/16
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i think trade deficits are a problem. you cannot make for $20 what you can buy for $2 and be competitive. i think on donald trump's fiscal policy, it's basically guns, we're going to grow the military, butter, we're going to grow the entitlements, and tax cuts, you know, with debt at 75% of gdp -- >> host: arithmetic -- >> guest: right. i can't support that. >> host: okay. to now, i read your book over the summer, and i read right next to it a book by bob frank called success and luck. >> guest: yes. >> host: and i came away thinking that one big difference in the big world view between you and bob frank is that you view the world as fairly meritocratic, and he views outcomes as largely based on luck. >> guest: me too. >> host: based on luck? >> guest: yeah, sure. >> host: but when you say that success is largely earned -- >> guest: well, i would have said this, i think 99% of my luck was behind me the day i was born, and then i just got lucky from there. it's true that i went to engineering school, i studied math, i went
i think trade deficits are a problem. you cannot make for $20 what you can buy for $2 and be competitive. i think on donald trump's fiscal policy, it's basically guns, we're going to grow the military, butter, we're going to grow the entitlements, and tax cuts, you know, with debt at 75% of gdp -- >> host: arithmetic -- >> guest: right. i can't support that. >> host: okay. to now, i read your book over the summer, and i read right next to it a book by bob frank called success...
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Mar 20, 2013
03/13
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deficits in the western world. that would pose a huge risk to the stability of the british economy, threaten a sharp rise in interest rates, and leave the burden of debt to our children and grandchildren. and i will not take that gamble with the future of this country, especially when those representations came from the very same people who have the previous gamble with our economy lead for the mess we're clearing up in the first place. [shouting] >> be deputy speaker, the spending reduction we promise have been more than delivered. welfare reform have been legislative are taking place. here is a clear sign of progress, the proportion of national income spent by the state has fallen from 47.4% three years ago to 43.6 percent today. and on course to reach 40.5% at the end of the period. we have set out a deficit plan and delivering that plan. and the measures i will announce today are fiscally neutral overall. ask the british people and they will tell you our problem with the country is that we tax too little but th
deficits in the western world. that would pose a huge risk to the stability of the british economy, threaten a sharp rise in interest rates, and leave the burden of debt to our children and grandchildren. and i will not take that gamble with the future of this country, especially when those representations came from the very same people who have the previous gamble with our economy lead for the mess we're clearing up in the first place. [shouting] >> be deputy speaker, the spending...
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Jul 6, 2014
07/14
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there was a deficit. there was a trade deficit and people like the french and bad people like the birds were coming to change dollars into gold. so richard nixon decided to stop that. interestingly enough the federal chairman of the time head of the federal reserve arthur burns was very skeptical about the avenue is an old-school balanced-budget conservative guy. he was very wary of stopping decoupling the dollar from gold in that way. plus go another dramatic moment as boyd george in the house of commons in 1914. a big year. >> guest: the great thing about british public finance for the 100 years before the first world war before 1914 was essentially they ran balanced budgets. it's difficult to imagine that now for but the whole victorian era in the 19th century. >> host: very stable interest rates. >> guest: very stable and gestures and very stable fiscal policy. one of the key moments in the book was that all of that just went to pieces. only to defeat the kaiser and defeat germany. the british politic
there was a deficit. there was a trade deficit and people like the french and bad people like the birds were coming to change dollars into gold. so richard nixon decided to stop that. interestingly enough the federal chairman of the time head of the federal reserve arthur burns was very skeptical about the avenue is an old-school balanced-budget conservative guy. he was very wary of stopping decoupling the dollar from gold in that way. plus go another dramatic moment as boyd george in the house...
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0.0
Mar 7, 2023
03/23
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if you agree with my assessments that china faces a diffusion deficit and china is not poised to overtake the us as a scientific and technological superpower the status quo becomes a more defensive policy. sometimes, it is important to have these debates because this goes against conventional wisdom and some ideas that circulate around in the city and i think we overstate china's test scientific and technological capabilities and i made an argument about respect and that points towards if the us is well-positioned, back to arron friedberg's question, if the us is well-positioned in his great power competition, the status quo becomes a more defensible option. the third policy option is taking this lens of innovation versus diffusion and translating it to what we emphasize in technology policy. if you look at any us government technology policy and scroll down to the first bullet point of policy recommendations it is always invest in more r&d and that is probably a good thing but it's not the only thing that matters when it comes to an ecological competitiveness. for me it's about investing
if you agree with my assessments that china faces a diffusion deficit and china is not poised to overtake the us as a scientific and technological superpower the status quo becomes a more defensive policy. sometimes, it is important to have these debates because this goes against conventional wisdom and some ideas that circulate around in the city and i think we overstate china's test scientific and technological capabilities and i made an argument about respect and that points towards if the...
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Apr 1, 2022
04/22
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the budget he put out was $16 trillion in deficits. and we have a budget that is much more reasonable and will point us towards or go in the right direction towards the balanced-budget. >> caller: i will give you the best ones. we all know that consumers are what makes companies. ii am tired of hearing companies threaten to leave the country or not pay back the benefits what they read from consumers purchasing their items or services which makes them wealthy or gives them the revenue. and we all know trickle-down economics does not work. this is a theory fed to the american public so the republicans have an excuse to make sure to keep taxes low for themselves. zelenskyy we all know and there is a fine line between dictatorship. with russia and moscow and putin we have the strongest economy in 40 years after the tax reform. we have the lowest income wages faster than inflation and a higher percentage and higher income earners out there. so having the competitive tax code attracts the businesses back into america. i want america to be th
the budget he put out was $16 trillion in deficits. and we have a budget that is much more reasonable and will point us towards or go in the right direction towards the balanced-budget. >> caller: i will give you the best ones. we all know that consumers are what makes companies. ii am tired of hearing companies threaten to leave the country or not pay back the benefits what they read from consumers purchasing their items or services which makes them wealthy or gives them the revenue. and...
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Jul 5, 2014
07/14
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i have a deficit. let me run the deficit more so i can get more growth and more money in and then pay off the debt. and it's a circular argument and you didn't really larry it until the early 'of '60s and i i talk about in the book. but -- when there was a slump you can spend more money, but he didn't envisage, never dreamt of people running deficits year in and year out. and that name the '60s and they adopted the circular argue. we won't deal with is because we need to have growing to deal with this. it's a slightly crazy argument and you hear it now a lot, people on the left are very enamored of this argument but keynes was 31 whet the first world war broke out so his whole childhood and youth was conditioned by a balanced budget framework, and he said in exceptional times you can borrow money. but he went envisaging that all the time, and the analogy i use is, if you have kids, the victorian approach is they -- if they had tv -- you can't watch television ever. ceynes' viewpoint was you can patch t
i have a deficit. let me run the deficit more so i can get more growth and more money in and then pay off the debt. and it's a circular argument and you didn't really larry it until the early 'of '60s and i i talk about in the book. but -- when there was a slump you can spend more money, but he didn't envisage, never dreamt of people running deficits year in and year out. and that name the '60s and they adopted the circular argue. we won't deal with is because we need to have growing to deal...
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Aug 2, 2011
08/11
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reduction back to the committee's of jurisdiction, the biggest deficit reduction would come back to this committee. tax reform, what you all have all testified to, health reform, ect.. now, a big part of that tax reform is taking all of these tax preferences, otherwise known as tax expenditures, and getting rid of a lot of them, and instead taking that revenue that you gained from that and then allowing the tax system to be reformed and to do just exactly what all four of you have testified which is bring dop the rates -- down the rates for everybody and simplify the tax code. as a matter of fact, one proposal is simplified into three brackets for the individuals and lower, of course, all the rates considerably as well as the corporate rate. now, my question to you all is boy, are you going to be stepping on some sensitive toes when you get rid of all those special tax breaks otherwise known as tax expendtures, so i'd like your comment on it. >> senator nelson, we -- first, i have to say i am not familiar with the specific discussions that you referred to that are taking place at th
reduction back to the committee's of jurisdiction, the biggest deficit reduction would come back to this committee. tax reform, what you all have all testified to, health reform, ect.. now, a big part of that tax reform is taking all of these tax preferences, otherwise known as tax expenditures, and getting rid of a lot of them, and instead taking that revenue that you gained from that and then allowing the tax system to be reformed and to do just exactly what all four of you have testified...
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Oct 9, 2016
10/16
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keep deficit low and keep inflation low. and so the european central bank mandate was to keep inflation low. they had a set of restrictions on the members of the eu. the the eurozone to keep their deficits low. if you did those two things, the market would take care of everything else and we guarantee success. well, we should have known even then that those ideas were wrong. that is the crisis evolved it wasn't just greece and greece gets a disproportionate amount of attention. it is one country -- and what it did. spain and ireland had actually a surplus before the crisis. the crisis caused their deficits and their data. they actually had a very load debt to gdp ratio. it wasn't the idea of keeping deficits and debt slow would make sure that you had a well performing economy and would not have crisis. that's wrong. the remarkable thing is that years after the crisis germany still doesn't understand this. and so they still think the mistake they made at the beginning, the flawed idea of what was required is what they ought t
keep deficit low and keep inflation low. and so the european central bank mandate was to keep inflation low. they had a set of restrictions on the members of the eu. the the eurozone to keep their deficits low. if you did those two things, the market would take care of everything else and we guarantee success. well, we should have known even then that those ideas were wrong. that is the crisis evolved it wasn't just greece and greece gets a disproportionate amount of attention. it is one...
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Jan 25, 2012
01/12
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it is issue of debt and deficit. it's an issue of squeeze household incomes, issues that affected many other economies. he talks about what our policy is. we remember what his policy was. no more boom and bust. and yet he gave us the biggest boom and the biggest bust that we're having to recover from. there is not one ounce of complacency. that is why we are cutting corporation tax. we scrapped labour's tax. we introduced the enterprise and. were investing record sums in apprenticeships. >> order. most of the prime minister and the leader of the opposition must be heard. the prime minister. >> we are doing all of these things, but the party opposite has only one answer, and that is to deal with a debt crisis by borrowing more and adding to debt. that is his answer. that would threat interest was correct our economy and make things much worse. >> ed miliband. >> mr. speaker, he says there's not one ounce of complacency but he had his chance or -- self-satisfied, smug complacency, and that's the reality. he talks about
it is issue of debt and deficit. it's an issue of squeeze household incomes, issues that affected many other economies. he talks about what our policy is. we remember what his policy was. no more boom and bust. and yet he gave us the biggest boom and the biggest bust that we're having to recover from. there is not one ounce of complacency. that is why we are cutting corporation tax. we scrapped labour's tax. we introduced the enterprise and. were investing record sums in apprenticeships....
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9.0
Aug 9, 2018
08/18
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has a trade deficit in those areas. you can see the u.s. has a big deficit in autos. it has a big surplus in industrial goods. now, this is what you get in the monthly report. now i don't really like this data very much because, you know, what's an industrial good? what's a capital good? if you look at one of these reports that the usgr puts out on what goods are getting tariffs, it will be incredibly specific. it looks like this, they will put out a list. this is the one they did against china in april when they proposed putting tariffs on 50 billion dollars of imports. they put out a list that looks like this. it is incredibly specific. liquid transformers with the capacity -- it's like way too specific to be of any use. really for writing about or explaining what's going on. there are cool things you can do with this. this is the chart we did where we looked at all the products that the u.s. was putting tariffs on, all the products that china was putting tariffs on, you know, figured out what industry they were in, figured out how big the trade in those categories
has a trade deficit in those areas. you can see the u.s. has a big deficit in autos. it has a big surplus in industrial goods. now, this is what you get in the monthly report. now i don't really like this data very much because, you know, what's an industrial good? what's a capital good? if you look at one of these reports that the usgr puts out on what goods are getting tariffs, it will be incredibly specific. it looks like this, they will put out a list. this is the one they did against china...
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Feb 6, 2021
02/21
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and reduce deficits. as a result, i fear that inflation though unattractive may be necessary in order to bring about in the reduction of debt. and also keeping interest rates low. and of course it will be political pressures. at the time with the private sector in the high debt ratio of the public sector will make it very difficult for central banks to raise interest rates at all quickly. in this underlying structural location, what we have now is the pandemic. and as you know, among the aggregates arising faster than they ever have these times. two or three times at a rate greater than they did before. meanwhile, any of the factors which have been shut down or otherwise restricted, have built out a very large debt in order to pay off that debt, any of these comedies are going to have to undertake higher markups. one of the features of the previous decades has been that markups have been declining. heartland the pressure of the tech industries and on line companies . but in the future, in order to maintai
and reduce deficits. as a result, i fear that inflation though unattractive may be necessary in order to bring about in the reduction of debt. and also keeping interest rates low. and of course it will be political pressures. at the time with the private sector in the high debt ratio of the public sector will make it very difficult for central banks to raise interest rates at all quickly. in this underlying structural location, what we have now is the pandemic. and as you know, among the...
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Apr 20, 2017
04/17
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what i worry about when it comes to debt and deficits is we are wasting the deficit instead of using them for project and services. we mentioned the training deficit and workers who need more help that have been left behind. i urge you mention the demographic constraints. we need more revenue, not us. >> how do we pay for infrastructure? or a precedent structure that produce income and telecommunication. the price tag there seems to be doing a pretty good job. should we be issuing 50 year bond. >> the administration during the campaign that they were going to do a trillion dollars of infrastructure over 10 years, 100 in the year. it would be done by private investors. very hard to see how you get revenue streams for most of the infrastructure improvement think about. improved the bridge is, pay there does come in revenue streams there. i don't think we will get 100 billion a year. order the son of hundred% gdp. so i don't think that is a significant other growth of the economy. >> i agree the problem with the greasy lake to make a profit on the projects just are profitable particular
what i worry about when it comes to debt and deficits is we are wasting the deficit instead of using them for project and services. we mentioned the training deficit and workers who need more help that have been left behind. i urge you mention the demographic constraints. we need more revenue, not us. >> how do we pay for infrastructure? or a precedent structure that produce income and telecommunication. the price tag there seems to be doing a pretty good job. should we be issuing 50 year...
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Sep 8, 2013
09/13
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and budget deficits. now, throughout the 1960s under presidents kennedy and johnson, inflation and the external deficit of the dollar generated by expansive u.s. monetary policies and budget deficits led to perennial, perennial foreign exchange crises, and ultimately to foreign exchange controls. foreign exchange controls in the united states, the bretton woods system groaned under the flood weight of excess u.s. dollars going abroad where they were accumulated in the official foreign exchange reserves of our trading partners. this was the period, maybe some of you remember, when the washington policymakers and economists led by academic neo-keynesians paul samuelson and walter heller, suggested that a little inflation induced by managed currency -- say 2 or 3% -- was controllable and desirable. at the end of the 1970s, inflation had reached the annualized rate of 15%. now, since the u.s. dollar was the primary reserve currency under the bretton woods treaty, foreign central banks were, in effect, require
and budget deficits. now, throughout the 1960s under presidents kennedy and johnson, inflation and the external deficit of the dollar generated by expansive u.s. monetary policies and budget deficits led to perennial, perennial foreign exchange crises, and ultimately to foreign exchange controls. foreign exchange controls in the united states, the bretton woods system groaned under the flood weight of excess u.s. dollars going abroad where they were accumulated in the official foreign exchange...
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Mar 23, 2011
03/11
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private sector growth must take the place of government deficits. prosperity must be shared across all parts of the united kingdom. yes, we want the city of london to remain the world leading center for financial services, that we should resolve that the rest of the country becomes a world leader in advanced manufacturing, life sciences, industries, business services, green energy and so much more. this is our vision for growth. difficult decisions and major reform are needed to make it happen. but the alternative is to accept britain's economic decline and a continuing fall in the living standards for our population. and that is not an alternative anyone in this house should be prepared to accept. mr. deputy speaker, this budget sets are but these four economic ambitions. britain should have the most competitive system energy 20. be the best place in europe to start finance and grow a business. the a more ballots economy by encouraging exports and investment. and have a more educated workforce that is the most flexible in europe. let me set up the
private sector growth must take the place of government deficits. prosperity must be shared across all parts of the united kingdom. yes, we want the city of london to remain the world leading center for financial services, that we should resolve that the rest of the country becomes a world leader in advanced manufacturing, life sciences, industries, business services, green energy and so much more. this is our vision for growth. difficult decisions and major reform are needed to make it happen....
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35
May 27, 2015
05/15
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at that time government deficit spending leads to better economic outcomes. we can see the difference between the success that the united states is at coming out of the great recession compared to europe which tighten its belt out of the misguided idea that deficits were the 1st priority rather than growth. so a. so a balanced-budget would've led to a great depression. is just that simple. spending would have collapsed because revenues collapsed. revenues collapsed because that is what it means to be in economic freefall. and when revenues are on 7/2% but we were down 14 1/2's. balanced-budget would've meant we half's. balanced-budget would've meant we were chasing her own tail cutting, cutting, cutting and in doing so reducing incomes and consumption leading the lower tax revenues intern and we chaser tail all the way down to a a great depression. and it was secretary paulson at the end of the bush administration the knew obama administration, they understood this. they acted appropriately. they recognized that deficit financing is what paul us out -- would
at that time government deficit spending leads to better economic outcomes. we can see the difference between the success that the united states is at coming out of the great recession compared to europe which tighten its belt out of the misguided idea that deficits were the 1st priority rather than growth. so a. so a balanced-budget would've led to a great depression. is just that simple. spending would have collapsed because revenues collapsed. revenues collapsed because that is what it means...
0
0.0
Mar 10, 2024
03/24
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well, taxation raising revenue and and spending and deficits yes, exactly. and i think that you have to realize that when i have talked for a long time about the independence of the federal reserve, that's independence within government, not independence of the government. and i consists with the treasury to try to see that the government is financed. now this gets back to spending. the government says they're amount and that it turns out they don't spend that amount and doubles the of the federal reserve is not to run government spending it's not to run taxation. the job of the federal is to control the money supply. and i believe, frankly, i have ways believed, as you know then these are excuses and not for that's where and i differ because iirresponsible if we d'e into account the needs and what the government is saying and doing think if we just6 w■ñdentn our own irresponsibly. i sat on this because i was in the treasury before i know i go to the fed and i know the other side of the picture. i think we the rightly came down the american people and by
well, taxation raising revenue and and spending and deficits yes, exactly. and i think that you have to realize that when i have talked for a long time about the independence of the federal reserve, that's independence within government, not independence of the government. and i consists with the treasury to try to see that the government is financed. now this gets back to spending. the government says they're amount and that it turns out they don't spend that amount and doubles the of the...
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92
Dec 1, 2012
12/12
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which hasn't been better actually the trade deficit is actually significantly down but not all. we have had some that have become more competitive that is the front on which we need to work. the political debate hasn't kept up with the reality it's no longer the quarter of that anymore. it's the broadest of countries some that need to be worked on and the next president isn't just china bashing but what do we need to do have a world that is everybody trying to run a trade surplus which the government believes it is possible. [laughter] >> then there is this issue of trade and income inequality. and there's a similar level that presumably had relatively little to do with the distribution. if you make -- canada sends assembled cars back to the united states that is and when to be making a big difference to the deficiency. now we do a lot in the countries that are substantially lower income and are selling less labor-intensive products that are increasing the inequality and come through the skull the differentials and it's not simply put part of this revolution ourself. the trade i
which hasn't been better actually the trade deficit is actually significantly down but not all. we have had some that have become more competitive that is the front on which we need to work. the political debate hasn't kept up with the reality it's no longer the quarter of that anymore. it's the broadest of countries some that need to be worked on and the next president isn't just china bashing but what do we need to do have a world that is everybody trying to run a trade surplus which the...
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43
Jun 26, 2013
06/13
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we have got the deficit down by a third. it is hard, painful and difficult work that frankly we are clearing up the mess that when he was a minister of the last government. >> thank you, mr. speaker. 16 to 18 euros can receive free school meals in schools, academies, free schools and university technical colleges but not in further education colleges like those in my constituency. will the prime minister act now to end this clear in justice left by the party opposite? >> i'm very happy to look at this issue and i know that actually school meals are much in the news this week because it is weak when we should be promoting healthy eating and our schools. happy to look at this issue but we have to think very carefully about how best to use the education budget to give money directly to schools for all our children. >> i think the prime minister will agree with me that both his generation and mine were lucky enough to come into a labour market at a time of full employment and great opportunity. has he seen the oecd figures this
we have got the deficit down by a third. it is hard, painful and difficult work that frankly we are clearing up the mess that when he was a minister of the last government. >> thank you, mr. speaker. 16 to 18 euros can receive free school meals in schools, academies, free schools and university technical colleges but not in further education colleges like those in my constituency. will the prime minister act now to end this clear in justice left by the party opposite? >> i'm very...
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17
Aug 8, 2020
08/20
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we will have even more red ink or a a bigger deficit and more people are unemployed and need help so there is no good choice the bad choice at this point is to be aggressive but on the other side of the pandemic economy say there is no free. lunch then we will have physical problems in the debt load will be higher. no way around it and we will have to really focus on becoming more fiscally disciplined. that is not my top priority until we get to full employment or close so intelligence below 5 percent in right now we are at ten.2 percent we have a long way to go. but then at that time that we really need to look at our spending and how we raise taxes to fill that budget hole to get the debt low down. >>host: davenport florida good morning. >>caller: good morning. commenting on the state and local governments come if the government hadn't gotten us so badly into the pandemic to start with the state and local people and how the problem because thewo pandemic and also with unemployment for as long as these people have gone and then the government says we can't help you. they have to sta
we will have even more red ink or a a bigger deficit and more people are unemployed and need help so there is no good choice the bad choice at this point is to be aggressive but on the other side of the pandemic economy say there is no free. lunch then we will have physical problems in the debt load will be higher. no way around it and we will have to really focus on becoming more fiscally disciplined. that is not my top priority until we get to full employment or close so intelligence below 5...
105
105
Oct 12, 2017
10/17
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CSPAN2
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one percent and explodes the deficit. this is what is so sad is because when i say no dream act, -- excuse me -- no state children health insurance program. they're inthis children's health insurance program be paid for out of accounts that serve children, like inknock racing and the rest and want to give tens of billions of dollars of tax cuts to the he end, unpaid for. we'll be talking more about their tax cuts to the wealthy later. the senate is at 1:15? 1:15 today. about the opportunity cost for the american people. increases the deficit, tax cuts at the high end and has terrible impact on the budget. more on that later. again, in terms of the dream act, we are still optimistic there are enough republicans who care about the dreamers to join in a bipartisan way, to pass that legislation and to do so soon. puerto rico and u.s. virgin islands, how sad. a real challenge to the conscience of the nation. these are american people, american citizens, who have fought and died in our wars, are so much a part of who we are as
one percent and explodes the deficit. this is what is so sad is because when i say no dream act, -- excuse me -- no state children health insurance program. they're inthis children's health insurance program be paid for out of accounts that serve children, like inknock racing and the rest and want to give tens of billions of dollars of tax cuts to the he end, unpaid for. we'll be talking more about their tax cuts to the wealthy later. the senate is at 1:15? 1:15 today. about the opportunity...
35
35
Oct 29, 2016
10/16
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eye 35
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the sighs -- crisis had deficits and debt. it wasn't the idea that keeping deficits and debts low would make sure that you have a well-performing economy and you wouldn't have crisis, it's absolutely wrong, the remarkable thing is years after germany doesn't understand this. they still think -- the mistake they made at the beginning that the flawed idea of what was required is what they ought to do and they doubled down on a bad idea and so they told all the countries what you have to do is maintain even stronger fiscal and hasn't worked. i sometimes think if the euro had been founded a few years later after the east asia crisis, nobody would have -- i shouldn't say nobody. nobody would have had that idea crisis where governments had low inflation, no deficits and so that crisis which is -- was the biggest crisis up to that point, to the 2008 crisis. that crisis was really caused by misbehaved markets and so we now know that markets can often behave very badly and that is what happened in spain and ireland and elsewhere. so it
the sighs -- crisis had deficits and debt. it wasn't the idea that keeping deficits and debts low would make sure that you have a well-performing economy and you wouldn't have crisis, it's absolutely wrong, the remarkable thing is years after germany doesn't understand this. they still think -- the mistake they made at the beginning that the flawed idea of what was required is what they ought to do and they doubled down on a bad idea and so they told all the countries what you have to do is...
12
12
Feb 14, 2021
02/21
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eye 12
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and that is one of the reasons why deficits and debts have been increasing over time. well before -- now, the globalization globalization has had a quite dramatic event on what has been happening to equality and inequality in the world as a whole. the left-hand kole almost its one of the most -- column is one of the most dramatic that appears in our back, the ratio of the average wages of the worker in u.s. to the average ratio of the worker in china. the year 2000, aa u.s. worker earned something like 35 times in real terms what a chinese worker did. by the time you get to 2018 that ratio had fallen to 5 to 1 and that was a decline of -- that's a decline of seven times seven, which is really absolutely dramatic and shows the impact of the stunning rise of china and the stunning increase in the share of world exports that they now produce. same is true in the relationship between western and eastern europe. they're not only dramatic, shifting from about four in year 2000 so the french workers were earning four times polish workers, down to just under three in 2018. and
and that is one of the reasons why deficits and debts have been increasing over time. well before -- now, the globalization globalization has had a quite dramatic event on what has been happening to equality and inequality in the world as a whole. the left-hand kole almost its one of the most -- column is one of the most dramatic that appears in our back, the ratio of the average wages of the worker in u.s. to the average ratio of the worker in china. the year 2000, aa u.s. worker earned...